Catenaa, Wednesday, August 13, 2025-Bitcoin miner Bitfarms reported an 87 percent increase in revenue year-over-year, driven by investments in high-powered computing.
The company is seeking to redomicile in the US, supported by strong political backing for crypto and AI under President Donald Trump’s administration.
According to Bitfarms’ second-quarter earnings report, the company’s energy portfolio is now 82 percent North American, with multiple sites in the US and one in Quebec.
CEO Ben Gagnon highlighted plans to expand its AI infrastructure, including over 1 gigawatt of capacity in Pennsylvania anchored by the Panther Creek campus near Amazon and CoreWeave facilities.
Bitfarms said it will cease mining operations in Argentina due to energy supply cuts and economic uncertainties.
The company earned 718 bitcoins in the quarter at an average cost of $48,200 per coin and sold 1,052 bitcoins for $100 million, averaging $95,500 per coin.
The firm posted a net loss of $29 million on total revenue of $78 million, slightly wider than the $27 million loss in the previous year’s quarter.
Bitfarms has also started a share buyback program, authorized to repurchase up to 10 percent of its public float through July 2026.
As of early August, the company bought back 4.9 million shares at an average price of $1.24, reflecting confidence in its undervalued stock, CFO Jeff Lucas said.
